Trading was slow ahead of minutes of the last Fed meeting and a reading on core inflation.
S&P 500 futures barely budged, as did Nasdaq futures . The S&P touched a two-week low on Friday as a run of strong U.S. economic news suggested the"It's the most aggressive Fed tightening in decades and U.S. retail sales are at all-time highs; unemployment at 43-year lows; payrolls up over 500k in January and CPI/PPI inflation reaccelerating," noted analysts at BofA. "That's a Fed mission very much unaccomplished.
Markets have steadily lifted the expected peak for Fed funds to 5.28%, while sharply scaling back rate cuts for later this year and next.Minutes of the Fed's latest meeting due on Wednesday should add colour on the deliberations, though they have been superseded somewhat by barnstorming numbers on January payrolls and retail sales.
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